MALLYA-USL 2 LAST

Mallya, who has been in the UK for months evading an Mallya, who has been in the UK for months evading an arrest warrant in India while several banks have declared him wilful defaulter for non-payment of dues worth over Rs 9,000 crore by his now-defunct Kingfisher, had struck a settlement with USL in February.

Under the sweetheart deal, he was promised an over Rs 500-crore payout to leave the company and was also absolved of any personal liability at that time.

As per USLs statement, its Board yesterday discussed findings of the additional inquiry it had ordered to plug gaps found in an initial probe launched in April 2015 that showed improprieties in loans worth Rs 1,337 crore given by USL to the entities linked to Mallya. "The additional inquiry prima facie reveals further instances of actual or potential fund diversions amounting to approximately Rs 913.5 crore (using exchange rate as on March 31, 2015) as well as other potentially improper transaction involved USL and its Indian and overseas subsidiaries amounting approximately Rs 311.8 crore," USL said. The transactions occurred during the review period covered by the additional inquiry -- from October 2010 to July 2014 -- although certain transactions appear to have been initiated in years prior to the review period, it added. USL said it will be reporting the findings of its additional inquiry spearheaded by its Managing Director and CEO Anand Kripalu to concerned authorities for further action. An USL spokesperson said the findings of the additional inquiry relate to "historical matters before Diageo consolidated the USL business in July 2014" and ruled out any further financial burden to the company. Mallya is currently wanted in India and is facing charges of money laundering. Last month the Enforcement Directorate had attached assets worth Rs 1,411 crore belonging to Mallya and one of his companies in connection with its money laundering probe in the the alleged IDBI bank loan default case. His passport has been revoked by the Indian government. He has been indicating against any imminent return to India in the wake of various legal and regulatory troubles. PTI NKD BJ MR

This is unedited, unformatted feed from the Press Trust of India wire.

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